MIRA INFORM REPORT

Report Date :

13.05.2008

IDENTIFICATION DETAILS

Name :	KALLIMANIS, G., S.A.
Registered Office :	25100, Aigio, Achaia
Country :	Greece
Financials (as on) :	31.12.2006
Date of Incorporation :	1993
Legal Form :	Societe Anonyme
Line of Business :	Processing of Frozen Fish and Seafood. Production of Liquors.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear

name & address

KALLIMANIS, G., S.A.

Eliki

25100, Aigio, Achaia

Tel.: 26910 81946

Fax: 26910 81948

U.R.L.: www.kallimanis.gr

E-mail: info@kallimanis.gr

summary

Sector : Industry (Food Products)

Year Established : 1993

Year Founded : 1957

Chairman, CEO : Vassiliki Geo. Kallimani

Capital : Euro 7.600.000

Owners Equity : Euro 16.716.558 (31/12/2006)

Net Sales : Euro 62.999.765 (1/1/2006 - 31/12/2006)

Net Income for the Year Before Tax : Euro 2.008.726 (1/1/2006 - 31/12/2006)

Staff of employees : 200

FINANCIAL STATUS : Very good 
PAYMENT RECORD : Prompt 
TREND : Stable

 
GOV. GAZETTE No:00270/1993 TAX REGISTR. No: 094269861 
No OF THE REGISTER OF SOCIETE ANONYME:027988 /022 /Β /92 /0026 
 
  
ISO Certificate: ISO 9001:2000 
Testifying Company: TUV HELLAS (TUV NORD) S.A.

 
LEGAL FORM: Societe Anonyme 
DATE ESTABLISHED: 1993 
HEAD OFFICE: Aigio, Achaia 
DURATION: Up to year 2042

HISTORY

 
Established in Aigio, Peloponnissos, on 26.1.1993, after the merger of the following firms : - 
1) G. KALLIMANIS - TH. KALLIMANIS O.E. established in 1987 - 2) G. & TH. BROS P. 
KALLIMANI O.E. established in 1957 - 3) G. & TH. BROS P. KALLIMANI - N. ROZIS O.E. established in 1980 - 4) G. & TH. BROS P. KALLIMANI - K. MEGARIS O.E. established in 1987 - 5) G. & TH. BROS P. KALLIMANI - B. PAPADOPOULOS O.E. established in 1985.

ACTIVITY

 
Processing of frozen fish and seafood. Production of liquors. 
Imports and wholesale trade of frozen food products

PREMISES

(as declared ): 
HEAD OFFICE-PLANT: Eliki, 251-00 Aigio, Achaia, owned,plot of land 20,000 m2, covered area 4,000 m2. 
OFFICES: 22 Chryssalidos, 143-43 Nea Halkidona, Attiki, rented. 
-8 Elikis, 251-00 Aigio, Achaia, owned, covered area 350 m2. 
BRANCHES: Sindou - Halastras Rd (1st km - palaia), 574-00 
Sindos, Thessaloniki, rented -8 P. Ralli, 118-55 Athens, Attiki, rented.

STAFF

Employees : 200 persons

SHAREHOLDERS

(as declared): 
by 20.57% Vassiliki Geo. Kallimani (born in 1945) 
by 15.69% Theodoros Pan. Kallimanis (born in 1932) 
by 15.21% Maria The. Kallimani (born in 1965) 
by 15.00% Konstantina Geo. Kallimani (born in 1971) 
by 15.00% Panagiotis Geo. Kallimanis (born in 1973) 
by 5.19% Maria Geo. Kallimani (born in 1965) 
by 5.19% Panagiota Geo. Kallimani (born in 1973) 
by 4.44% Basil Kon. Papadopoulos (born in 1961) 
Exact shareholders' structure is not available.
 

BOARD OF DIRECTORS

 
Vassiliki Geo. Kallimani Chairman, CEO 
Maria The. Kallimani Vice-Chairman 
Dimitrios Kon. Andriossopoulos Member 
Konstantina Geo. Kallimani Member 
Basil Kon. Papadopoulos Member 
Basil Fil. Bolovinis Member 
Panagiotis Geo. Kallimanis Member
 

PARTICIPATIONS

 
Subject participates in the following firm(s) 
by 99.00% KALLIMANIS COMMERCIAL S.A. 
(Code No: 0243289 VAT: EL099274190)  
DATE ESTABLISHED: 2000 
SECTOR: Trade (Food Products) 
Share capital : 300,000 
Shareholders equity : 321,164 
Net Sales : 765,735 
Net profit : 10,941 
Balance sheet details as at (31.12.2006) in Euro. 
HEAD OFFICE: 10 N. Solioti 251 00, Aigio, Achaia 
 
by 85.00% KALLIMANIS IONIAN SEAFOOD S.A.  
(Code No: 0226275 VAT: EL094302167) 
DATE ESTABLISHED: 1997 
SECTOR: Industry (Food Products)  
Share capital : 2,000,000 
Shareholders equity : 2,215,173 
Net Sales : 1,266,725 
Net profit : 25,543 
Balance sheet details as at (31.12.2006) in Euro. 
HEAD OFFICE-WORKSHOP: Vouni Sfakioton 310 80, Karya, Lefkada 
  
by 80.00% KALLIMANIS SEAFOOD S.A. 
(Code No: 0253529 VAT: EL999892890) 
DATE ESTABLISHED: 2002  
SECTOR: Industry (Food Products) 
Share capital : 3,800,000 
Shareholders equity : 4,447,027  
Net Sales : 12,493,344 
Net profit : 110,628 
Balance sheet details as at (31.12.2006) in Euro.  
HEAD OFFICE-PLANT: Eliki Diakoptou 251 00, Aigio, Achaia 
 
by 10.00% MEDITERRANEAN MEALS S.A. 
(Code No: 0253527 VAT: EL999892907) 
DATE ESTABLISHED: 2002 
SECTOR: Industry (Food Products) 
Share capital : 4,525,000  
Shareholders equity : 5,064,227 
Net Sales : 1,200,954 
Net profit : 4,220  
Balance sheet details as at (31.12.2006) in Euro. 
HEAD OFFICE-WORKSHOP: Palia Kouloura 251 00, Aigio, Achaia
 

AFFILIATED COS
 
Konstantina Geo. Kallimani participates in the firm(s): 
 
 -KALLIMANI, V., - M. TH. KALLIMANIS & CO O.E. by 10.00% 
(Code No: 0175670)  
DATE ESTABLISHED: 1993 
HEAD OFFICE: Laikis Agoras Sq 251 00, Aigio, Achaia 
Said firm has been inactive since 0000  
 
 
Theodoros Pan. Kallimanis participates in the firm(s):  
 
 -KALLIMANIS IONIAN SEAFOOD S.A. by 1.00% 
(as mentioned before) 
  
 -KALLIMANIS COMMERCIAL S.A. by 1.00% 
(as mentioned before) 
  
 -KALLIMANI, V., - M. TH. KALLIMANIS & CO O.E. by 34.15% 
(as mentioned before) 
  
 
Vassiliki Geo. Kallimani participates in the firm(s): 
  
 -KALLIMANIS IONIAN SEAFOOD S.A. by 14.00% 
(as mentioned before) 
 
 -MEDITERRANEAN MEALS S.A. by 90.00% 
(as mentioned before) 
 
 -KALLIMANIS SEAFOOD S.A. by 20.00% 
(as mentioned before) 
 
  
Basil Kon. Papadopoulos participates in the firm(s): 
 
 -KALLIMANI, V., - M. TH. KALLIMANIS & CO O.E. by 6.50%  
(as mentioned before) 
 
  
Maria Geo. Kallimani participates in the firm(s): 
 
 -KALLIMANI, V., - M. TH. KALLIMANIS & CO O.E. by 10.00% 
(as mentioned before) 
 
 
Panagiota Geo. Kallimani participates in the firm(s): 
 
 -KALLIMANI, V., - M. TH. KALLIMANIS & CO O.E. by 10.00% 
(as mentioned before)  
 
 
Panagiotis Geo. Kallimanis participates in the firm(s):  
 
 -KALLIMANI, V., - M. TH. KALLIMANIS & CO O.E. by 10.00% 
(as mentioned before) 
  
 
Maria The. Kallimani participates in the firm(s): 
  
 -KALLIMANI, V., - M. TH. KALLIMANIS & CO O.E. by 0.35% 
(as mentioned before)
 

FINANCIAL DATA

 
Share capital amounts to Euro 7,600,000 divided into 10,000,000 shares at EURO 0.76 each. 
 
Prior to the last increase in 2007 (Gov.Gaz.12137/2007) share capital amounted to 6,080,000 Euro. Recent financial data are not available. 
 
The latest published balance sheets are attached.
 

MORTGAGES/PRENOTES

 
According to the 31/12/2006 balance sheet, subject's fixed 
assets are mortgaged and prenoted for 5,581,182 Euro, in favour 
of banks, to ensure loans received, the balance of which at 
31/12/2006, amounted to 10,563,141 Euro.
 

BUSINESS TRANSACTION INDEX

 
Subject  
 
 2008 2007 2006 2005 2004 
 ---- ---- ---- ---- ---- 
 Group 1: 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 
 Group 2: 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 
 Group 3: 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 
 Total : 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 5*(5.00) 
 
Final Result: 5Stars (5.00) 
 
Index: 5*, 4*, 3*, 2*, 1*, NA (Not applicable)
 
 

CREDIT APPRAISAL

We recommend a maximum credit limit of Euro 8,500,000

BANKS

 
Alpha Bank A.E. 
 Aigio Branch (tel.:2691-068533) 
 (Imports/Exports) 
National Bank of Greece S.A. 
 Aigio Branch (tel.:2691-026054) 
 (Loans-Imports/Exports)  
Emporiki Bank 
 Aigio Branch (tel.:2691-023201) 
EFG EUROBANK ERGASIAS S.A.  
 Aigio Branch (tel.:2691-025498) 
Bank of Cyprus Ltd Aigio Branch

SHORT FINANCIAL STATEMENT (Figures in Euro)

ASSETS

ACCOUNTS	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Fixed Assets	18.609.205	8,91	17.086.195	6,10	16.103.848
Fields -Lots	752.325	0	752.325	0	752.325
Buildings / Means of Transport / Furniture and Other Equipment	12.028.781	11,13	10.824.330	12,83	9.593.568
Machinery and Mechanical Equipment	4.870.034	17,11	4.158.367	17,16	3.549.304
Intangible Assets and Establishment Expenses	265.923	0	265.923	-42,32	461.056
Accumulated Depreciation	6.261.223	20,22	5.208.152	14,58	4.545.580
Depreciation of Buildings / Furniture / Means of Transport	3.329.384	19,64	2.782.735	18,39	2.350.474
Depreciation of Machinery and Mechanical Equipment	2.672.736	20,39	2.219.984	20,16	1.847.525
Depreciation of Intangible Assets and Establishment Expenses	259.103	26,12	205.434	-40,90	347.580
Long Term Receivables	37.584	29,06	29.120	0,78	28.894
Participations	6.915.782	10,40	6.264.282	0	6.264.282
Inventories	16.967.290	21,64	13.948.564	14,90	12.139.208
Finished Products / Merchandise	2.813.400	12,58	2.499.130	4,88	2.382.900
Raw Direct and Indirect Material	14.153.890	23,62	11.449.434	17,35	9.756.308
Receivables / Transit balances	21.640.706	26,98	17.042.176	63,73	10.408.831
Receivables from Customers / Bills and Cheques	21.565.481	29,57	16.644.330	65,98	10.027.671
Marketable Securities	1.673	0	1.673	0	1.673
Other Receivables / Transit Debit Balances	73.552	-81,43	396.173	4,40	379.488
Cash and Deposits	146.055	-25,35	195.659	-71,56	688.027
Total Assets	57.363.256	18,83	48.272.593	22,71	39.339.914

LIABILITIES

ACCOUNTS	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Owners Equity	16.716.558	23,17	13.572.269	12,80	12.032.059
Share Capital	6.080.000	0	6.080.000	22,58	4.960.000
Reserves	9.895.288	40,53	7.041.293	2,56	6.865.381
Retained Earnings / Losses	741.270	64,37	450.976	118,20	206.678
Long Term Liabilities and Provisions	13.563.141	28,33	10.569.155	-24,91	14.075.166
Long Term Liabilities	13.563.141	28,33	10.569.155	-24,91	14.075.166
Current Liabilities / Transit Balances	27.083.557	12,23	24.131.170	82,36	13.232.688
Short Term Bank Debt	20.515.678	30,22	15.754.006	110,98	7.466.855
Suppliers / Bills Notes Payable and Cheques / Creditors	5.907.761	-22,55	7.627.953	49,81	5.091.825
Other Liabilities / Transit Credit Balances	660.118	-11,89	749.211	11,16	674.009
Total Liabilities and Net Worth	57.363.256	18,83	48.272.593	22,71	39.339.914

PROFIT AND LOSS ACCOUNT

ACCOUNTS	1/1/2006 - 31/12/2006	CHANGE 06/05 (%)	1/1/2005 - 31/12/2005	CHANGE 05/04 (%)	1/1/2004 - 31/12/2004
Net Sales	62.999.765	14,13	55.200.285	20,20	45.921.507
Cost of Net Sales	51.399.436	14,08	45.057.368	21,33	37.137.396
Gross Margin	11.600.329	14,37	10.142.918	15,47	8.784.111
Commission and Other Operating Income	32.358	26,66	25.547	-89,23	237.296
Interest Expenses	1.910.702	52,92	1.249.468	31,66	949.030
Other Operating Expenses	8.106.414	14,84	7.058.745	9,37	6.454.185
Operating Results after Interest Expenses	1.615.571	-13,15	1.860.251	14,96	1.618.192
Non Operating Income	469.326	59,94	293.435	-11,18	330.390
Non Operating Expenses	76.171	-65,73	222.284	78,43	124.575
Total Depreciation	1.059.346	21,11	874.709	1,99	857.629
Depreciation Included in the Operation Cost	1.059.346	21,11	874.709	1,99	857.629
Net Income for the Year Before Tax	2.008.726	4,00	1.931.403	5,89	1.824.006
Income Tax	147.531	-13,40	170.355	22,43	139.140

COMPANY RATIOS

PROFITABILITY RATIOS

RATES	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Return on Equity (Before Income Tax) (%)	13,26	-12,13%	15,09	-11,34%	17,02
Return on Equity (Before Interest and Income Tax) (%)	25,88	4,14%	24,85	-3,98%	25,88
Return on Capital Employed (Before Interest and Income Tax) (%)	7,42	2,20%	7,26	-4,35%	7,59
Gross Profit Margin (%)	18,41	0,22%	18,37	-3,97%	19,13
Operating Profitability (%)	5,60	-0,53%	5,63	0,72%	5,59
Net Profit Margin (Before Income Tax) (%)	3,19	-8,86%	3,50	-11,84%	3,97
Net Profit Margin EBITDA (before Interest, Income Tax, Depreciation and Non Operating Income) (%)	7,28	0,83%	7,22	-3,22%	7,46

VIABILITY AND CAPITAL STRUCTURE RATIOS

RATES	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Financial Leverage (:1)	0,71	-1,39%	0,72	4,35%	0,69
Total Debt Equity Ratio (:1)	2,43	-5,08%	2,56	12,78%	2,27
Interest Coverage (Before Interest and Income Tax) (X)	2,05	-19,61%	2,54	-12,67%	2,92

LIQUITIDY RATIOS

RATES	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Current Ratio (Χ)	1,37	-6,16%	1,46	-32,72%	2,17
Quick Ratio (Acid Test) (Χ)	0,76	0%	0,76	-31,53%	1,11
Working Capital (EURO)	11.670.494,03	65,42%	7.055.228,83	-29,47%	10.003.377,53

ACTIVITY RATIOS

RATES	31/12/2006	CHANGE 06/05 (%)	31/12/2005	CHANGE 05/04 (%)	31/12/2004
Collection Period (DAYS)	107	27,38%	84	6,33%	79
Payable Period (DAYS)	48	-7,69%	52	0%	52
Inventory Turnover (DAYS)	110	3,77%	106	-2,75%	109
Equity Turnover (Χ)	4,16	-3,48%	4,31	0,47%	4,28
Turnover of Capital Employed (Χ)	1,19	-5,56%	1,26	0%	1,26

INVESTOR RATIOS

RATES	31/12/2006
Share Internal Value (EURO)	2,09
Earnings per Share (EURO)	0,25

SECTOR RATIOS

PROFITABILITY RATIOS

RATES	2006	CHANGE 06/05 (%)	2005	CHANGE 05/04 (%)	2004
Return on Equity (Before Income Tax) (%)	6,41	-19,57%	7,97	-20,78%	10,06
Return on Equity (Before Interest and Income Tax) (%)	13,27	1,84%	13,03	-11,60%	14,74
Return on Capital Employed (Before Interest and Income Tax) (%)	4,86	-4,14%	5,06	-15,50%	6,00
Gross Profit Margin (%)	24,67	-1,36%	25,01	1,09%	24,74
Operating Profitability (%)	5,42	-1,36%	6,00	1,09%	6,43
Net Profit Margin (Before Income Tax) (%)	2,78	-22,13%	3,57	-19,59%	4,44
Net Profit Margin (before Interest, Income Tax, Depreciation and Non Operating Income) (%)	9,09	-5,80%	9,65	-2,52%	9,90

ACTIVITY RATIOS

RATES	2006	CHANGE 06/05 (%)	2005	CHANGE 05/04 (%)	2004
Collection Period (DAYS)	106,97	3,77%	103,08	1,75%	101,31
Payable Period (DAYS)	88,68	1,01%	87,80	8,72%	80,76
Inventory Turnover (DAYS)	87,90	0,44%	87,51	5,40%	83,03
Equity Turnover (Χ)	2,30	3,14%	2,23	-1,76%	2,27
Turnover of Capital Employed (Χ)	0,84	-3,45%	0,87	-5,43%	0,92

VIABILITY AND CAPITAL STRUCTURE RATIOS

RATES	2006	CHANGE 06/05 (%)	2005	CHANGE 05/04 (%)	2004
Financial Leverage (:1)	0,64	1,59%	0,63	6,78%	0,59
Total Debt Equity Ratio (:1)	1,76	3,53%	1,70	17,24%	1,45
Interest Coverage (Before Interest and Income Tax) (X)	1,94	-24,51%	2,57	-18,41%	3,15

LIQUITIDY RATIOS

RATES	2006	CHANGE 06/05 (%)	2005	CHANGE 05/04 (%)	2004
Current Ratio (Χ)	1,17	-1,68%	1,19	-0,83%	1,20
Quick Ratio (Χ)	0,83	-1,19%	0,84	-1,18%	0,85
Working Capital (EURO)	788.983.169,80	-8,22%	859.699.059,22	3,54%	830.334.524,75

Sample of Companies: 1.275(2006), 1.321(2005), 1.317(2004)

NOTES
-	When the minus sign (-) appears to Income Tax Payable account or to other Tax accounts indicates that company is obliged to pay the particular tax amount, while the opposite signifies a tax return.
-	Some ratios are calculated using the average value of the accounts of the Balance Sheet or Midterm Statements. For applying this type of calculation, company's financial statements must be presented in succession, with common accounting standards (either Greek Standards or IFRS) and with the same depth of analysis. In the opposite case, the corresponding ratios are calculated based on the accounts as at they are presented in the reporting year.
-	N/A: Not Available
	N/C: Not Calculable
	The indications N/A and N/C may appear in cases where accounts that participate in the computation of the ratios or in the accounts changes are not detected in the original balance sheet as well as the computation of certain ratios does not have a meaning i.e. Return on Equity ratio or Total Dept Equity ratio for companies where Equity is negative, etc.

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions